The global corrugated wraps market is poised for substantial growth, with an anticipated market value of US$ 3,747.8 million expected in 2023. Looking further ahead, the market is projected to continue its ascent, reaching an impressive market value of US$ 5,820.2 million by 2033, marking a notable Compound Annual Growth Rate (CAGR) of 4.5% over the decade from 2023 to 2033.
The corrugated wraps market, which involves the production and use of corrugated paper wraps for packaging and protection of various goods, is influenced by several drivers and restraints that shape its growth and dynamics. Here are some key drivers and restraints for the corrugated wraps market:
This growth trajectory is underpinned by several key factors, including the increasing prevalence of e-commerce platforms and the rising demand for environmentally friendly packaging materials. In the recent historical period from 2018 to 2022, the corrugated wraps market exhibited a commendable CAGR of 3.1%, signaling the industry’s resilience and adaptability to evolving consumer and market demands.
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Start-ups for Corrugated Wraps Market
Key start-ups for corrugated wraps are Noptla, Evoware, BeeBagz, RooCreate, Kleen Hub, and Boostani.
- BeeBagz, a Canadian start-up, offers plastic-free, eco-friendly, and reusable wrappers. The start-up uses plant-based products to manufacture these wrappers and aims to reduce single-use packaging.
- Boostani, another key player, focuses on creating wraps with barrier properties. The start-up uses mono materials to reduce the need for extra layers and can be easily recycled.
Drivers:
- E-commerce Growth: The rapid expansion of e-commerce has significantly increased the demand for corrugated wraps as they are used for the packaging and protection of products during shipping and handling.
- Sustainable Packaging: Corrugated wraps are often seen as an environmentally friendly packaging option as they are recyclable and made from renewable materials, catering to the growing consumer preference for sustainability.
- Customization: Manufacturers offer corrugated wraps in various sizes and print options, allowing businesses to customize packaging with branding, graphics, and product information.
- Protection and Cushioning: Corrugated wraps provide effective cushioning and protection for fragile or delicate items, reducing the risk of damage during transportation.
- Cost-Effective Packaging: Corrugated wraps are a cost-effective packaging solution, especially for bulk shipments, which can help reduce overall packaging costs.
- Versatility: Corrugated wraps can be used for various applications, including wrapping individual items, bundling products, and creating dividers within boxes.
- Market Expansion: The growth of retail sectors beyond e-commerce, such as food and beverage, pharmaceuticals, and electronics, has contributed to the demand for corrugated wraps.
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Challenges Faced by the Corrugated Wraps Market
The projected expansion of the global market in the forecast period encounters impediments driven by specific factors. To stimulate greater demand for corrugated wraps, there is a critical need for increased consumer awareness regarding the advantages of sustainable packaging.
Some end-user industries exhibit reluctance to transition to sustainable packaging practices, posing a restraint on the market’s growth trajectory. Additionally, a pervasive lack of awareness regarding the benefits associated with the use of corrugated wraps contributes to a further hindrance in the market’s overall growth.
Key Players
- Springfield Corrugated Box
- Crown Technologies
- Palmer Packaging Inc.
- Packsize LLC
- Amcor
- International Paper
- Smurfit Kappa Group
- WestRock
- Mondi Group
- DS Smith
- Context
Key Segments Profiled in the Corrugated Wraps Market Industry Survey
By Material Type:
- Paper
- Semi-gloss/Matte Paper
- Direct Thermal Paper
- Vellum Paper
- Others
- Plastic
- Fiber
By End Use:
- Schools
- Retail Stores
- Warehouses
- Restaurants
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia and Pacific
- The Middle East & Africa
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